Can married couple sell their primary home of 23 yrs to their LLC with the LLC taking out a new mortgage?

Also, if so, would they use the 121 exclusion when they sell to the LLC? And, would the LLC begin the 23.5 year depreciation schedule when it now becomes a rental?Can married couple sell their primary home of 23 yrs to their LLC with the LLC taking out a new mortgage?
My guess is your hoping that your LLC can purchase it for a higher price and you are hoping to get to get alot of cash at closing. NOT GONNA HAPPEN. Lenders caught on to this kind of crap many years. To answer the second part of your question, no.Can married couple sell their primary home of 23 yrs to their LLC with the LLC taking out a new mortgage?
Why do you want to do this? Knowing your motivation will make it easier to answer this question.





LLC = Limited Liability Corp. for those who do not know.





There can be reasons for doing this and not, but I'd have to know why to properly answer the question.
I can only answer the first part. Most lenders that I know of will not lend to an LLC. Hopefully someone here knows some that do, but I don't. You would want to call around and ask that question before starting anything
sorry i can't answer this question.





but for the sake of others like me i looked up LLC and is a Limited Liability Company.


I did not go into it further.
I'd like know what is LLC? and if this is possible please post answer.